Speaking to beIN Sports, he said: "He certainly hasn't invested enough. I hope he delivers on his pre-match interview because he's talked the talk and now he's got to walk the walk.

"I think it's good news for Newcastle fans provided he keeps his word and invests in the club. He's put loads in but he's also taken money out."

On the fans protesting inside the stadium: "Anything can be done if everyone pulls the same way. This has been a club that's pulled itself apart this season.

(Image: PA Wire)

"If Mike Ashley puts some investment in, in a year or two they could be clapping him into the stadium. He could be their hero. It's the mindset that's got to change. Maybe he can turn it around, yes.

"He's got to run it differently. He's got to learn how to run a football club properly and surround himself with people who know what it's all about. I don't get it with the way the club have been thinking.

"The best chance is a cup. They must concentrate on the cup. It's the best chance of winning something and the best way to get into Europe."

In the frame: Keegan thinks Michael Laudrup could take over at St James's Park (Image: Ben Hoskins)

On whether Ashley has a new manager lined up: I think he's got somebody lined up as he was quite bullish in the interview. I've got a feeling with the way he was talking before the game, he's already got someone.

"I would put Michael Laudrup top of my list. What that would do is guarantee a certain type of football. What he did at Swansea is something the Newcastle fans want. They want to be entertained.

"Ashley has got the money. If someone could just explain to him that if you get this right, everything that's been against you, it will swing full circle.

"He had people between him and me that he didn't need. I told him that. That's why it didn't work. I know the guy who he's got running the club - Lee Charnley - and he needs someone else with more experience."